Risk-based Monitoring Software Market: Forthcoming Trends to Boost the Global Industry Revenue
What This Report Will Provide: This study involved four major activities in estimating the current size of the risk-based monitoring software market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth: The risk-based monitoring software market is expected to reach USD 511 million by 2025 from USD 273 million in 2020, at a CAGR of 13.3%.
Major Growth Boosters: Growth in the RBM software market can primarily be attributed to factors such as the cost and time efficiency of RBM solutions, rising number of clinical trials, and increasing government funding and grants to support clinical trials.
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Recent Developments: 1. In 2018, Bioclinica (US) launched the SMART technology suite available with Medical Imaging, Electronic Data Capture (EDC), and Interactive Response Technology (IRT) combined.
2. In 2019, Veeva Systems (US), acquired Crossix Solutions (US), a provider of privacy-safe US patient data and best-in-class analytics platform to help maximize media and marketing effectiveness.
3. In 2019, Parexel International Corporation (US), partnered with Datavant (US) to enable the connection of real-world data across all clinical trials conducted by Parexel.
Regional Growth Analysis: Geographically, the North American market is expected to account for the largest share of the global RBM software market. The Asia Pacific market is expected to grow at the highest CAGR in the forecast period. This growth can be attributed to increasing government funding to support clinical trials, the presence of less stringent regulatory guidelines as compared to developed nations, a large patient base, low operating costs for conducting clinical trials, shortage of trial volunteers in Europe and North America, and the growing number of pharmaceutical companies and CROs in the region.
Key Questions Addressed in The Report: 1. Who are the top 10 players operating in the global Risk-Based Monitoring Software Industry?
2. What are the drivers, restraints, opportunities, and challenges in the Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of RBM Software in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
Growing Demand in Pharmaceuticals and Biopharmaceuticals Companies Based on end user, the RBM software market is segmented into pharmaceutical and biopharmaceutical companies, CROs, medical device companies, and other end users. In 2020, the pharmaceutical and biopharmaceutical companies segment is expected to command the largest share of the RBM software market. The increasing R&D expenditure of pharmaceutical and biopharmaceutical companies is the major factor driving the growth of this end-user segment.
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Key Players: Oracle (US), Medidata Solutions (US), and Parexel (US). Other prominent players in the market are Bioclinica (US), Bio-Optronics (US), IBM Corporation (US), DATATRAK (US), Veeva Systems (US), DSG (US), MasterControl (US), ERT (US), Forte Research Systems (US), MedNet Solutions (US), ArisGlobal (US), Anju Software (US), MaxisIT (US), Techsol Corporation (US), OpenClinica (US), CRF Health (US), and Covance (US).